| Dear Members,
The Directors have pleasure in presenting the 22nd Annual Report on
the business, operations and financial performance of the company
during the financial year ended 31st March 2014. The profit after tax
of the company is Rs. 1.11/- lacs during current financial year.
FINANCIAL RESULTS (Rs. In lacs)
Particulars For The Year Ended
31st March 2014 31st March, 2013
Sales/Operating Income 815.74 1484.61
Other Income 43.45 25.72
Expenses:-
Purchase of Stock in trade 786.81 1465.68
Changes in Inventory of
Stock-in-Trade 18.70 (5.04)
Employee Benefit Expenses 16.67 20.89
Depreciation and Amortisation
Expenses 7.84 0.50
Administrative & Other expenses 26.98 22.15
Profit Before Tax 2.19 6.15
Tax Expense:-
Current Tax 0.40 1.17
Deferred Tax 0.68 3.41
Profit/(Loss) After Tax 1.11 1.57
BUSINESS REVIEW
The turnover of the company during the year 2013-14 is Rs. 815.74 lacs
as compared to Rs. 1484.62 lacs during the immediately preceding
financial year. However, profit before tax is Rs. 2.19/- lacs during
the current financial year as compared to Rs. 6.15/- lacs during the
immediately preceding financial year.
FUTURE OUTLOOK
The outlook of the economic growth across the globe with positive
vibrations will fuel a growth and demand recovery. At the present
moment there is a lull in the market and the management is looking
forward for changing situation in the global market. While optimism
rears for new vigour and thrust like emphasis on colour ways and new
designs, it is expected these changes will bring in positive response
from the overseas buyers and will trigger growth and profitability in
due course of time.
DIVIDEND
In order to augment reserves and to cater to the working capital
requirements, no dividend is being recommended.
PUBLIC DEPOSIT SCHEME
During the year, your Company has not accepted any deposits. There are
no outstanding deposits as on date.
CORPORATE GOVERNANCE
Your Company is committed to maintain the highest standards of
Corporate Governance. Your Director adhere to the stipulations set out
in the Listing Agreement with the Stock Exchanges and have implemented
all the prescribed requirements.
A separate report on Corporate Governance as stipulated, under Clause
49 of the listing Agreement, with the Stock Exchanges and have
implemented all the prescribed requirements.
A certificate from the auditors of the company M/s SNMG & Co; Chartered
Accountants confirming compliance of conditions of Corporate Governance
as stipulated in Clause 49 is annexed to this report.
BOARD OF DIRECTORS
Your board has an Executive Chairman and the number of Independent
Directors is one half of the total strength of Directors. The
composition of the board is in conformity of Clause 49 of the Listing
Agreement.
Your board of directors consist of the following four directors:
1. Mr. Rajeev Garg (Managing Director & Executive);
2. Mr. Harshwardhan Koshal (Non Executive Independent) and;
3. Mr. Sudhir Kumar Agarwal (Non Executive); and
4. Mr. Neeraj Khetarpal (Non-Executive Independent)
5. Mrs. Manisha Agarwal (Non Executive)
DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to section 217 (2AA) of the companies ACT, 1956, it is hereby
confirmed:
1. That in the preparation of the accounts for the financial year
ended 31st March, 2014 the applicable accounting standards have been
followed along with proper explanation relating to material departures.
2. That the directors have selected such accounting policies and
applied them consistently and made judgments and estimates that were
reasonable and prudent so as to give a true and fair view of the state
of affairs of the company at the end of the financial year and of the
profit of the company for the year under review.
3. That the directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 1956 for safeguarding the assets of
the company and for preventing and detecting fraud and other
irregularities.
4. That the Directors have prepared the accounts for the financial
year ended 31st March, 2014 on a going concern basis.
AUDITORS AND THEIR REPORT
M/s SNMG & Co., Chartered Accountants, Chartered Accountants, who
served as Statutory Auditors of the company since a long time, resigned
from the position w.e.f. 30th September, 2014, expressing their
inability to continue as the Statutory Auditors of the Company. In
their replacement, M/s DEEPAK I P AGARWAL & CO., CHARTERED ACCOUNTANTS,
will be appointed as Statutory Auditors of the Company with approval of
shareholders of the company by way of ordinary resolution passed in its
Annual General Meeting.
The board recommends their appointment as statutory auditors of the
company.
SUBSIDIARIES
As on 31st March 2014, the Company has three Wholly Owned Subsidiary
namely Deby Exim Limited , Apron Estates Limited and Phoebe Infotech
Limited respectively.
Consolidated Accounts of its subsidiaries for the year under review has
also been drawn in accordance with applicable accounting Standards.
CONSOLITED FINANCIAL STATEMENT
As required under the Listing Agreements with the Stock Exchanges
Consolidated Financial Statements of the Company are attached. The
consolidated Financial statements have been prepared in accordance with
Accounting standard 21 ,Accounting standard 23 and Accounting standard
27 issued by The Institute of Chartered Accountants of India and
showing the financial resources, assets, liabilities, income, profits
and other details of the Company and its subsidiaries as a single
entity, after elimination of minority interest.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
Management Discussion and Analysis Report as required under Clause 49
of the Listing Agreement with the Stock Exchanges is given in
Annexure-A and forms an integral part of this report.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
EARN-INGS AND OUTGO
The information pertaining to conservation of energy, technology
absorption, foreign exchange earnings & outgo, as required under the
Companies Act, 2013, read with the Draft Companies Rules, 2014 is given
as per Annexure of the Directors Report.
PARTICULARS OF EMPLOYEES
As required under section 217(2A) of the Companies Act, 1956 read with
the Companies (Particulars of Employees) Rules, 1975 as amended time to
time, no employee of the company was covered by these provisions during
the year ended 31.03.2014.
APPRECIATION
The Company places on record its deep appreciation of the devoted
services of executives and other staff of the company who have
contributed in the performance and the Company's inherent strength.
Grateful thanks are also due to the investors, the bankers, business
associates & all other stakeholders for their continued support to the
company from time to time.
By the Order of the Board
For SVAM SOFTWARE LIMITED
Sd/- Sd/-
Rajeev Garg Sudhir Kumar Agarwal
Place : Delhi (Managing Director) (Director)
Dated : 14/08/2014 DIN: 02216829 DIN: 00024935 |